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Personal and Business Banking

Member Described Account

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Member described savings account

Member Described Savings Account

  • Savings account with your own custom name
  • Competitive dividend rates
  • $0 to open and $100 minimum balance to earn dividends
  • Free online, mobile, and branch access
  • Federally insured by NCUA

Please refer to Details and Rates tabs for additional information and important disclosures.


Open quote DCU's customer service is excellent. They offer excellent products and at very affordable prices. Close quote

— KK, Riverside, RI

Member Described Savings Account Details

  • You choose the name of your saving account – You can set up multiple accounts and give them names to help you identify what each is for. The names will appear on your DCU account statements and in Online Banking so you can easily organize your savings goals. You might name one Vacation for that upcoming trip of a lifetime or Wheels for the down payment on your next new car.
  • Competitive dividend rates – Compare DCU's Member-Described Account to bank statement savings accounts. Your dividends are compounded daily and paid monthly each day your balance is $100.00 or more.
  • $0 to open and $100 minimum balance to earn dividends – There are no monthly fees.
  • Free online, mobile, and branch access – You can access your account 24 hours a day using any DCU ATM, Online Banking, and Easy Touch Telephone Teller. You can access your account in any DCU branch and make deposits online anytime with a scanner or camera in your smart phone by Online Deposit.
  • Federally insured by NCUALearn more about insurance on all your savings at DCU and how to maximize your coverage.

*Federal Reserve Regulation D limits total phone or Online Banking transfers or withdrawals from all savings accounts into your checking account to six per month. Loan payment transfers, teller counter transactions, ATM transactions, deposits, and transfers into your account are unlimited.

Rates may change after the account is opened and are subject to change weekly. Funds earn dividends from day of deposit to day of withdrawal, compounded daily and paid monthly. Accrued dividends are forfeited if account is closed prior to monthly dividend posting. Fees or other conditions may reduce earnings on this account. Refer to DCU's Truth-In-Savings Disclosure and Account Agreements and Schedule of Fees and Service Charges.

Please refer to Features and Rates tabs for more information.

Member Described Savings Accounts*

Minimum/Terms Dividend Rate Annual Percentage Yield
Earned on entire balance when $100 or more 0.25% 0.25%

Rates are effective .

*Rates may change after the account is opened and are subject to change weekly. Funds earn dividends from the first business day of deposit and are compounded daily and posted monthly. Accrued dividends are forfeited if account is closed prior to monthly dividend posting. Fees or other conditions may reduce earnings on these accounts. Refer to DCU's Truth-in-Savings Disclosures and Account Agreements and Schedule of Fees and Service Charges

Annual Percentage Yield (APY) is a figure calculated using a federally-mandated formula. It's designed to help you compare the return you'll get in a uniform way between the certificate, savings, and money market accounts offered at various institutions. It tells you at what percentage your money will grow in one year at the same dividend rate – including the effects of compounding. For example, the APY on a 6-Month Certificate would be what you earned at the end of a year if you renewed your certificate once, did not add to or subtract from the balance along the way, nor withdrew any dividends.

Please refer to Features and Details tabs for more information.

Member Described Account is rated 4.8 out of 5 by 299.
Rated 5 out of 5 by from Great bank Always there to help you with anything you need. Employees are always curiously and friendly. They look happy to be working there.
Date published: 2018-10-07
Rated 5 out of 5 by from suggestion for training seniors to use DCU accounts Hi, As a newly retired person I have to better manage my funds. Maybe DCU could come up with a training program to help seniors manage their money. Most seniors have to budget very closely and save money for expenses. An example is- I need to save 10K a year for my property tax and homeowner insurance. I also have to save for medical expenses, dental, eye, deductibles and co-pays. The entire budgeting process once you are on a fixed monthly budget is a big change. I think this would be a great benefit. Also, I have cancelled all but my DCU VISA and my American Express card so I can consolidate and better keep track of credit card activity and to ensure I can make the payments on time. I love DCU..
Date published: 2018-10-06
Rated 5 out of 5 by from Best savings option for sitting cash I quit searching for CD's. The rate is higher than all 5 year CD's I've found! I wish I could have gotten one for my grandkids accounts!
Date published: 2018-09-08
Rated 5 out of 5 by from Rarely have an issue and good service helping to resolve them. Rarely have an issue and good service helping to resolve them. Loans have been fair and reasonable to get.
Date published: 2018-09-01
Rated 5 out of 5 by from I Love DCU DCUs member described accounts are perfect for creating separate savings for different things. I use mine for travel, car maintenance, and more.
Date published: 2018-08-26
Rated 5 out of 5 by from Amazing Everything is amazing and goes so smooth and I definitely would choose them over & over....& Ober
Date published: 2018-08-10
Rated 5 out of 5 by from Great Tool for Compartmentalizing Your Funds The member described accounts are a great way to keep your funds dedicated and separated for any self-defined purpose. Kind of like how grandma had a sewing box full of little envelopes of cash for different expenses!
Date published: 2018-07-30
Rated 5 out of 5 by from I have been a satisfied DCU member for many years now Keep up the great work! I have opened several savings accounts with DCU. I really like that I can open an account online from home and that I can name the account so I know what I am saving for!
Date published: 2018-07-22
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Member described savings

How can I change the name of my member described savings account?
Asked by: Mary
Login, open the Account Manager either from the top green house area, or just from the menu choice. Once in there, look for Account Information Once you see all your accounts listed, there will be a little pencil icon which puts you into edit mode. If you have trouble, login then open the Live Chat to ask for help. Usually the wait time is tolerable.
Answered by: Clover
Date published: 2017-12-23

How to delete or close a member described account ?

Asked by: SS
dont know go to customer service
Answered by: skikg
Date published: 2018-07-14

can i set-up direct deposit to member described account?

i am told by th some reps that direct deposit cannot be set-up for these accounts.
Asked by: memberSinceLong
I believe that you can deposit in any of the check/savings accounts
Answered by: Arthur
Date published: 2018-04-28

Will I get a separate ATM card if I open a new Member described account? If not, how do I request for one?

Asked by: Ann
No. Your member described account is not a whole new account. It's just a new savings account all under the same member number. You don't need a new ATM card; you should still be able to access the account with the existing ATM card.
Answered by: Boscoseven
Date published: 2014-04-19

Are there monthly fees on a member described account, if a certain balance isn't maintained?

Asked by: Autumn
Answered by: Joel
Date published: 2018-09-01
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"Simple, fast and easy"

Open quote Opening an account was so easy and it took almost no time at all. Keeping track of my account is simple with online access as well as with the nearby branches and ATMs. Close quote

— KP09, Leominster, MA

Easy Ways To Open a Member Described Account

  1. Open Online – Opening a DCU Member Described Account is fast and convenient! Follow the simple step-by-step instructions and open your account in minutes online.
  2. By Phone – Call 800.328.8797 or 508.263.6700, (select 3).
  3. Visit a DCU Branch – Visit a local branch and open a DCU Member Described account. A Member Service Representative will assist you and be able to answer all your questions.

"I'm loving my savings account!"

Open quote Easy to open, friendly service. I'm happy I made the switch to DCU. Close quote

— MOMOF2BOYZ, Bedford, NH

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